Most business owners or company Presidents are very successful at growing their businesses.   New locations are opened, products are added or services are expanded, employees are hired and the accounting staff grows to handle the increased activity.   Then there is a time when a light bulb goes off and there is a realization that revenues and profits are most likely not being optimized.  There are often questions regarding proper accounting and finance staffing, maximizing technology and fully utilizing software.  The person in charge may have heard about companies that provide CFO services but doesn't know exactly what this means.  Not all CFO Service entities are the same, but at Nperspective we have developed a methodology of assessing, organizing, communicating and executing CFO engagements which is most helpful to decision-makers. 

The best method of establishing a relationship with a new client and understanding their company is to perform an Assessment which typically takes two days on site, results in a written report of findings and is completed for a fixed fee.  We develop a plan to work with management to gain an understanding of financial reporting, assess staff adequacy and efficiency, review cash flow, identify metrics which drive the organization, review and assess manual versus automated procedures, and other areas which are important to the company.   We meet with members of the management team and accounting personnel.    Based on our meetings and notes we deliver an Assessment Report which includes many of our observations and recommendations for improvement.   For example, one recent Assessment performed over two days included interviews with eleven employees in ownership, management and accounting and the report spelled out thirty observations and twenty recommendations.   At that point it is up to the company owner, President or other decision-maker to determine if the next steps will involve our services.

Armed with an Assessment Report, the decision-maker often decides to use our services to guide company personnel in implementing recommendations.   We meet to prioritize, strategize and to determine which employees will assist in each area.   One of the best methods I have found is to use a Deliverables Timetable to chart out the plan.   Each recommendation is a line item where we note the company contacts with whom we will work closely.  Several columns are devoted to the next several months with a realistic schedule to discuss, research, develop a plan, finalize a plan and then for implementation.   If we decide to flowchart certain areas, a color highlight can indicate this has been accomplished.   This Deliverables Timetable is the template for organizing the engagement.

Company executives have so many items on their plates that it is often difficult to keep up with the ongoing progress toward implementation of our recommendations.   This is where the Deliverables Timetable is invaluable as it can be sent via e-mail at any time to indicate progress.   As we meet with the company's personnel who help us to figure out how to implement recommendations effectively, some decision-makers like to be copied on important e-mails.   This is easy to do and provides a quick glance at our plan for improvements.

As recommendations are moving toward being implemented, a useful communication tool describing what we will execute is a document which has an Action Plan and Implications for each recommendation.   This makes it easy to see who at the company is involved, responsibilities and the cost/benefit of implementation.   When the recommendation is implemented it is highlighted in color on the Deliverables Timetable so it stands out.

Most of us have heard the old adage, 'plan your work and then work your plan.'   This has merit in school, athletics, at work and certainly for our CFO services clients.   We keep this in mind when assessing, organizing, communicating and executing CFO engagements to ensure that we are providing value, the client is involved and updated along the way, and that the entire process has flexibility built in as we move forward.  

Nperspective has assisted many clients in improving their efficiency, effectiveness and financial results.  Gary Cohen has served in corporate financial management roles for over thirty years and for three multi-location companies with up to five dozen locations with a focus on improving operational efficiencies and financial outcomes.  If your company or one of your clients may benefit by our experience and knowledge, contact Russell Slappey at 407.448.1781 or rslappey@npcfo.com for a complimentary consultation.